Basic Information That New Credit Card Users Need to Know

Basic Info for Novice Credit Card Users

Getting your first credit card can be an exciting but daunting experience. The proposition of temporary free purchasing can become too much for cardholders, resulting in a downward spiral of debt. To help you control your shopping impulses, here are a few tips for using your new credit card.

Rates & features

  • Avoid cash advances at all costs

    Cash advance interest rates are incredibly high, ranging from 18-23% p.a. Use this option sparingly and save it for emergencies.

Special offers

  • Balance transfer offers don't give interest-free days on purchases

    If you've decided to take up a balance transfer offer, you won't receive any interest-free days on purchases until you've repaid your full outstanding account balance.

Account maintenance

  • Pay back your credit card on time - Use direct debit

    The temptation of 'free' spending and not having to pay until later can lead to late payments. Set up a direct debit from your bank account so your payments are never late.

  • Monitor how much you are spending

    Regularly check how much your outstanding balance is to ensure your next pay check can cover the amount. Download your bank's mobile application and save their website to your browser bookmarks.

  • Note down your provider's emergency contact details

    Having your bank's important contact numbers will provide you with peace of mind in the case that your card is lost, stolen or you need to make an urgent inquiry.

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2 Responses

  1. Default Gravatar
    feliciaAugust 30, 2012

    i was just approved and purchased my first credit card how do i find my costumer number

    • Staff
      JacobAugust 30, 2012Staff

      Hi Felicia. Your bank will generally identify you by your account number, which is located on the front of your card. Thanks for your question.

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